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Author Question: Revs, Inc. collected 5,000 from a customer on May 15 for services to be performed in June. The May ... (Read 85 times)

lracut11

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on: Jul 5, 2018
Revs, Inc. collected 5,000 from a customer on May 15 for services to be performed in June. The May 15 journal entry to record this transaction is a debit to ________.
 
  A) Cash of 5,000 and a credit to Revenues of 5,000
  B) Cash of 5,000 and a credit to Accounts receivable of 5,000
  C) Unearned revenue of 5,000 and a credit to Cash of 5,000
  D) Cash of 5,000 and a credit to Unearned revenue of 5,000

Question 2

When the terms of sale are FOB shipping point, the buyer should pay the freight charges.
 a. True
  b. False
 
   Indicate whether the statement is true or false


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flannelavenger

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Reply #1 on: Jul 5, 2018
Answer to Question 1

D

Answer to Question 2

True


lracut11

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

tuate

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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